Forex Weekly Outlook. Feb 08 – Feb 12

EURUSD: after two months of range trading; this week showed the strong rise and a breakout from the range, including the psychology level 1.1000. The EURUSD closed the week at 1.1153 price, the top was at 1.1242. One more thing, that daily 200 moving average was broke too. After the moment, I think the price could continue to go up, but I hold from any buy positions, regarding that price could retest 1.1000 level.

GBPUSD: the price has closed at the 1.4500 level. For now, I refrain of any positions with this pair and waiting for more signals where the price could go.

USDJPY: strange things were going with this pair. Last week, after BOJ monetary news the pair showed some strong movement up to 121.50 level. However, this week the price entirely went back. From the technical view, I don’t see a proper setup at the moment.

AUDUSD: price moves in the range, as pairs above, I hold from this pair for a while.

USDCAD: this pair has moved down from top 1.4700 to 1.3700, a huge 1000 pips move, this week shows some signals about possible reversal back, I am looking for a buy. Keep in mind what the pair can retest the 1.3500 level.

EURJPY this week closed with bearish bar, but above 130.00 level, if the price on Monday will go below this level, I will think about the short (sell) setup.

EURGBP: I still hold a long position. If it breaks out the 0.7850 price, the next step could be 0.8000.

GBPCAD: it looks bulls come back. At the moment the price is 2.0172, if the price goes down, I will be looking for a long (buy) position.

Keep in mind: You should to follow forex correlations if you want to trade more than one pair. In my trading system correlation is the part of risk management.